A Quick Guide To Filing Your Company Accounts

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Each year a company is legally required to submit their financial statements to Companies House. The financial statements cover the previous accounting period, and the responsibility to file the company accounts on time lays with the company directors.

When are Accounts Due?

Companies House will inform the company of a date to submit its annual accounts. Each date is bespoke to the company, and is usually determined by the company’s Annual Accounting Reference Date (ARD).

If a company wishes to choose a different annual accounting date, companies can change their date by going online and using the Companies House online service or by filling in form AA01.

What Must be Included in the Company Accounts?

The size of the company will depend on the level of information required within the annual accounts. The below criteria will enable directors to identify the classification of their companies, and at least two of the conditions are required to be met to qualify for the category.

Dormant Companies

If a company is dormant it will have no trading activity for the previous accounting period. Therefore dormant companies must submit dormant accounts by filing form AA02.

Micro-entity Companies

Micro-entity companies refers to companies which are considered very small. To qualify as a micro-entity companies must meet two of the following criteria:

  • Annual turnover must be not exceed £632,000
  • A balance sheet total must be not show over £316,000
  • The number of employees must not exceed 10

Micro-entity accounts are classified as abbreviated accounts, and must contain:

  • A balance sheet alongside relevant footnotes
  • A directors report
  • A profit and loss account
  • An auditors’ report (unless the company is exempt from audit)
  • Any notes pertaining to the accounts

Small Companies 

Small companies need also only submit abbreviated accounts. Small companies are classified as companies which:

  • Have an annual turnover below £5.6 million
  • Show a balance sheet total below £2.8 million
  • Employ under 50 employees

Small company abbreviated accounts must include:

  • The small company accounts
  • An abbreviated balance sheet and any notes
  • An auditor’s report (unless the company is claiming audit exemption)

Audit exemption is only accessible to small companies which have a turnover of less than £5.6 million and show a balance sheet under £2.8 million.

If a company is being audited but wishes to remove an auditor from office, they can use form AA03 to file a notice of resolution of removing an auditor from office.

Medium Sized Companies

Medium sized companies are those classified as:

  • Having an annual turnover under £22.8 million
  • Showing a balance sheet below £11.4 million
  • Employing an average of 250 employees

Medium-sized company accounts must include:

  • The medium company accounts
  • A profit and loss account
  • A full balance sheet
  • An auditor’s report;
  • A directors’ report
  • Any notes relating to the accounts.